Big Lots Guides Q1 EPS Below Estimates - Update

While reporting financial results for the fourth quarter on Thursday, discount retailer Big Lots, Inc. (BIG) provided earnings and comparable sales growth guidance for the first quarter.

For the first quarter, the company expects earnings in a range of $1.10 to $1.20 per share on low double-digit decline in comparable sales.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $1.28 per share for the quarter. Analysts' estimates typically exclude special items.

For fiscal 2022, the company now projects both comparable sales and gross margin rate to be approximately flat to the prior year.

The company also reaffirmed its long-term sales objective of $8 billion to $10 billion with 6 to 8 percent operating margin.

On Tuesday, the company's Board of Directors declared a quarterly cash dividend of $0.30 per common share for the first quarter of fiscal 2022, payable on April 1, 2022, to shareholders of record as of the close of business on March 18, 2022.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The Federal Trade Commission or FTC, has sued Walmart for allowing its money transfer services to be used by fraudsters, who fleeced consumers out of hundreds of millions of dollars. The retail giant is alleged to have looked the other way to pocket millions in fees while scammers took advantage of its failure to properly secure the money transfer services offered at Walmart stores. Home improvement retailer Bed Bath & Beyond, Inc. (BBBY) reported on Wednesday a net loss for first quarter that sharply widened from last year, hurt by hefty transient costs related to inventory markdown reserves and port-related supply chain fees. Both adjusted loss per share and net sales missed analysts' expectations. Tesla Inc. laid off about 200 employees in its Autopilot unit as the luxury electric car maker closed down its office in San Mateo, California as part of cost cutting efforts, reports said. The San Mateo office, where employees worked on improving the driver assistance systems, marketed as Autopilot, had about 350 employees before the cut.
Follow RTT